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Mortgage Refinance Problem - Visit EliteTutoring.ca for full video!
In this video I take a standard finance problem of deciding whether or not to refinance a mortgage at a lower rate. To decide whether to refinance ...
Do I need to report the equity "cash out" from mortgage refinance as income?
I do my own taxes every year, but this year I have a question. I refinanced my mortgage in the spring. Had a significant amount of equity and decided to "cash out" some of my equity to help pay off some outstanding debts (car, student loan, credit card balance) and kept some to keep in saving (so it's accessible, if needed). I know the government tries to take a piece of everything, but this is MY money. It's not "wages" -- does that make a difference?
No.
You report equity on your home when you sell it. Then, you subtract your total costs from your home from the selling price to figure your profit on the sale. If you are single and have owned your home for two years or more, the first $250,000 is not taxable income. If you are married, the first $500,000 of profit is not. Any amount above and beyond that amount or if you have not lived in your home as your primary residence for more than two years, all profit is deductible.
The bottom line is that the money you received in the refinancing is additional borrowed money that was lent to you on the security of the original mortgage on your house. Taxable income does not include borrowed money except in the rare case when the debt is forgiven by the lender.
If you still really believe that the money you received in the refinancing is your money, and not borrowed money, try not paying it back to the lender and see what happens.
Is Countrywide Mortgage safe to refinance or get a new mortgage with?
I need to refinance my mortgage or get a new one if I decide to buy a new home. Which mortgage co. is safe and reliable?
If anybody has picked up a newspaper lately, you can figure out that Bank of America is buying Countrywide. Bank of America is one of the largest and most successful financial institutions in the world. They have been successful in their recent acquisitions and have been increasingly growing with each new one. Countrywide was one of the leading mortgage companies, but it has been eating itself up from the inside. You can read up on issues with the controversal CEO and their company sales tactics. But soon to be B of A, it should become a strong company again.
Remember, you owe THEM money. They don't owe you. If your mortgage company or bank gets in financial trouble and gets taken over, it doesn't hurt someone who has a mortgage--only someone who has deposits in excess of the FDIC limit.
I would suggest that you get a referral from a friend, someone you know in the real estate profession or look in your telephone book and find a local mortgage broker.
They will help you find a mortgage that you are qualified for and do just as good a job if not better. These brokers have many underwriters for their mortgages and can repackage your loan request to either one without any additional cost, even if you are not approved by the first underwriter.
The main thing you ar looking for in someone to refinance your current mortgage or get you pre-approved to purchase a house.
If you want to see how a company has performed in the past or if there are complaints against them your should check with the Better Business bureau (BBB) or a trade organization that the business would belong to. In this case a lender might belong to the National Association of Mortgage Brokers (NAMB), even your large lenders and banks might belong to this organization.
I hope this has been of some use to you, good luck.
"FIGHT ON"
Mortgage refinance advice and help needed?
I am trying to refinance my house with Chase Bank, and today I received this good faith estimate in the mail, and with all this number I am not sure if this is what I want to do cost the closing cost is getting high more than what I thought it will be. Also what I currently my debt on this mortgage is 207,000 but with refinancing my debt jump to 215,000 so that I will not have to pay any closing cost out of pocket.
Can someone that no about this help me to check if this estimate is right and clear.
Also I am planning to buy a bigger house for me and my family, do you think it’s worth it to refinance this house or I should put it on sale instead of refinancing. Please any advice is welcome.
Also if I decide to refinance is there any way I can negotiate this estimate, and please kindly outline which one to negotiate. Thanks.
GOOD FAITH SETTLEMENT (Description of Settlement charges)
Loan origination fee $1050.00
Application fee $395.00
Processing fee $300.00
Underwriting fee $295.00
Courier fee $30.00
Flood cert $14
FHA MIP $3,675.00
Hazard Insurance reserve $165.00
County property taxes $918.00
Settlement or closing cost $350.00
Title insurance binder fee $150.00
Recording/filing fee $79.00
City/ county tax stamps $178.21
State Tax Stamps $534.19
9 or 90 (not too clear) days of interim interest $298.80
The current house value is 220,000
realtor,sailor
Questions about refinancing home mortgage? i put this in the wrong section?
with the fed cutting the rates so low, now would be a good time to think about refinancing right? my mortgage interest rate is currently 6.25 fixed, i think we owe about $95,000 on it. my husband and i have excellent credit, and we've been in our home for 5 years. would refinancing lower our monthly payment significantly, how much does it cost to refinance?
oh weve also paid our mortgage through march, so how would that work if we did decide to refinance
We were in the middle of locking in 4.875% for a refinance today when rates went back up. We're hoping they'll go back down. Like you, we're at 6.25%. The closing costs I was quoted today were about $3500. Our payment would reduce by about $130 per month, so it would take us 27 months to recoup upfront closing costs. We plan to be in our house for more than that so it will be worth it for us to refinance.
You should use some mortgage calculators (try bankrate.com) to see how much you'll save per month and how many months it will take you to make up those costs. Then decide if you will be in your home long enough for it to be worth it.
As for what you've paid upfront it may depend on how its been allocated. If its sitting in an escrow account you'll get a refund.
http://www.bankrate.com/brm/calc_vml/refi/refi.asp
Enter your numbers here.
In regards to your mortgage being paid thru March, just lowers the amount of the payoff at the time you close and lowers the amount you need to borrow in order to refinance.
Start shopping rates with your bank institution first, credit unions are great. You want the best rate, but you also need to consider the closing costs involved.
Would it be better to pay large lump sum to current mortgage before refinancing?
Currently looking at refinancing home, but can't decide if it would be better to add additional monies to current mortgage to lower amount to be refinanced, or refinance and put that sum onto new mortgage.
If you currently have an interest rate that is more than one full percentage point higher than the current rates, you MIGHT want to consider refinancing. Instead of puting a lump sum of money towards the current mortgage, use it as a down-payment on the new refinance.
Check out a local credit union if you have one. They are not-for-profit. That means, they DO make profits so that they can function as a business and offer more products, but that is not the focus of the institution. If I were to refinance with my credit union there would be an origination fee that is 1% of the loan amount. This fee covers the labor that it takes for the mortgage department to create your loan. The rest of the fees are paid out to contract providers such as appraisers and title companies.
Also, most credit unions will not charge any fees to pay off your mortgage early. If you have an extra $50/month that you could apply towards principal, you could pay your mortgage off so much sooner. With a $165,000 house, paying $225 extra towards principle every month take a 30 year mortgage and pays it off in 15 years!
Ask around for Good Faith Estimates. This is non-commital and the institutions have to provide the fees that they charge and what they are for. Compare them and see if the closing costs are worth it for you.
If you owe less than $50,000 I would encourage you to look into the rates for a Home Equity LOAN. They are usually 15 year fixed loans (different than a line of credit which has a variable rate) and have lower interest rates than a mortgage loan. You also wouldn't have all of the closing costs associated with a regular refinance.
Mortgage. Refinance and retitle questions?
My soon to be ex and I own house (joint title). We have been seperated 2 years, but are both on mortgage and equity loan.
I would like to refinance the entire loan to get him off as a liable party.
But, I am confused about title? We have agreed on a settlement amount that I will pay him over time, so no $$ issue right now.
If I apply to refinance in my name only does he need to quit claim to me to have the deed of trust changed?
If I decide to apply jointly with another person does that need to be addressed now in the quit claim?
Or do I apply with new co-borrower, have the ex quit-claim to me and then add my co-borrower on the deed of trust later?
I guess I am confused about what order things need to happen? I drew on equity line to give the ex 50% of his payment, so I may need co-borrower to support the increased mortgage payment/or to get better rate.
Mortgage now is about $3K per month and my gross is only about $8K month. Credit is VG not quite EX
Only other debt is car note. Probably role that onto the equity loan to consolidate everything. That would make all debt I have about maximum 78-80% LTV on the house value.
Since I would exceed conforming $417K at about $495M probably have two loans. Conforming and Installement for remainder. My rate today is 5.62 on conforming and about 6.25 on remainder so hoping to stay sub 6% if possible. We shall see! And not filed divorce yet....
If I decide to refi on my own, could I add someone to title later? What type of fee is that?
Have you filed for a divorce yet? If not its easy, just quit claim him off the property at the signing the title company will take care of it there will be a small fee just tell the mortgage company that you do not want him on the loan and you want them to take him off of title. they should be able to handle the rest. now depending on what state you are in because you are still legally married he will be forced to sign certain acknowledgments when you sign your loan documents. hope that helps. depending on what other revolving debt you can qualify with full income documentation. What rate are you trying to achieve?
If I want to increase my home mortgage payment, do I need to refinance?
Let's say my Countrywide home loan term is 20yrs, $1000 a month with fixed interest rate 6.5%. What's the bad/good if I decide to double my monthly payment?
If you're with Countrywide, you're in a good position with 6.5%. On the wholesale broker side, I can tell you that Countrywide does not have a pre-payment penalty. Also, it would be worth refinancing and incurring more closing cost's on your mortgage. 6.5% isn't the best, but its pretty decent these days. I'm assuming you went through a "retail" branch of Countrywide instead of using a Mortgage Broker.
copy and paste this website to your browser, and it will show you how much faster you'll pay off a 20 yr mortgage if you double you're payment:
http://www.eloan.com/s/amortcalc?context=purch&sid=G1-MCgZPwV0VamaXA8YdEaYRl1U&user=&mcode=
From your information you listed, I'm assuming you took your loan out for 134,125. If you double your payments and add $1,000 to the balance every month, you'll go from a 20yr loan and have it paid off in 7 years!!!
Also, Countrywide has a great program to help pay off your loan quicker. If you make a large payment toward the principle balance, they'll reamortize your payments with the amount of years left and the new balance. Thus reducing your monthly payment. The is a small 400-500 fee to do this, but I believe they just add it onto the back of your loan.
There's no need to refinance. Just be sure there isn't a prepayment penalty.
It's always a good idea to get ahead on a loan. you'll save a ton of interest.
will a bank refinance a house that is on the mls?
I am trying to sell my house. If I decide to keep it and refinance the mortgage. will a bank be ok with that?
Every Lender in America have different guidelines for your situation..
i have a few lenders that stipulate the house has to be off the market for 6 months, and i have others that will allow you to refinance the day after you take it off of the MLS...
what i can suggest is you get a professional opinion.. First tke your house off the market, and then talk with a mortgage consultant to find out EXACTLY what you qualify for..
Once you know more anout what you qualify for, if it makes sense for you to refinance then move forward with it..
My name is Jason Fry, and i work for Providential Bancorp, a nationwide mortgage lender. I would be happy to assist you in a refinance.. Give me a call at 312-264-6448, or email me at jasonf@providential.com..
Good luck to you!
Jason Fry
what would happend to someone who sign someones name to get a home refinance?
my husband brother in law sign a document for a home, my husband did sign the first loan, but then the deal with the business home group went bad for them and they decided to refinance but this time without telling my husband, in the new loan documents it says that whoever sign the borrower wich is my husband show proper ID and this is a lie because my husband didnt sign anything this time.. the borrower had 11 thousand dollars at closing wich is another lie we didnt get any money.. can we go after this loan mortgage company? should have they check to see if the person who sign the documents was really my husband? when the documents says that the borrrower showed proper ID only it wasn't my husband who sign? do we hve acase of forgery? do we have a case at all?
Your first step would be to contact a local title company and request a property profile on this property. This is free to the public and will give you some of the information you will need:
I use Fidelity Title for this service, but you can pick one of your choice - ask for the following:
Property profile along with transaction history recorded in the last 6 months. You will need to provide the address of the property along with any owners on title (this will help the title company to search the property).
After you obtain this information go to your local recorders office as do the following:
You need to get a copy of the recorded Deed of Trust and Grant Deed removing your husbands name from title. This document will be recorded in the county in which the property is located. The property profile from the title company helps to show the documents recorded on the property (part of the transaction history) so the recorders office can locate the documents you are requesting.
Please note this:
In order to have your husbands name removed from title his name would have to be notarized by a notary public. This would be a grant deed (removing his name and keep the other people on the property). A notary public is required to notarize his signature (properly identitfy him by drivers license, passport, etc.) and put a thumb print in the notary journal (this is a book the notary public needs to keep at all times). If a notary public were to obtain fradulent documents or identifications to notarize any document - you can bring up criminal charges to the notary public.
Get a copy of those recorded documents and go from there. You can file a complaint againt a notary public through this website:
http://www.sos.ca.gov/business/notary/notary.htm
If the loan agent that handled this loan transaction is licensed by the department of real estate or even the licensed broker (loan office) did fradulent activity report it here:
http://www.dre.ca.gov/
I hope this information helps, best of luck to you.
How hard is it to refinance your home as a rental property?
Our current mortgage needs to be refinanced no matter what we decide to do, but we are considering using the home we live in as a rental and buying another house to live in. Our mortgage now requires that we live in the home. How difficult is it to refinance as a rental property? Our credit is good. Has anyone out there done this?
Most lenders will just require an assignment of rents and leases if you have checked zoning and gotten the permits and the things needed to set up a rental property in your state